Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-3-5 - Administration of Annuity Accounts5.1. Investments. The amounts allocated to the employer account and member account of each member's annuity account shall be invested by the Board in one or more investment options elected by the member. Each member may elect to have the balance accumulated in his or her annuity account invested by the Board in one or more investment options made available by the Board. The investment options may include: (4) other investment options offered by the Board. If the member elects more than one investment option, the member's and employer's contributions shall be allocated to each investment option in increments of one percent (1%) of the total contribution.5.2. Investment in a trust fund. The Board may cause all contributions paid to it by the employer and member, and any income earned on the contributions without distinction between principal and income, to be held and administered in a trust fund. The Board may adopt reasonable rules for the administration of the common fund and for the determination of the proportionate interest of each member in the fund.5.3. Evaluation of assets and allocation of changes. The Board shall evaluate the assets of each investment fund or other investment options at the close of each business day at their fair market value. The Board shall adjust each member's annuity account, including any employer account held in suspense, for any net gain or net loss in the value of the assets of the fund.5.4. Limitations on allocations to each member. Notwithstanding any other provisions of the Teachers' Defined Contribution Retirement System, except the provisions of W. Va. Code § 18-7B-13, the maximum annual addition for any plan year which can be made to an annuity account of an individual member is the amount specified and indexed in the United States Internal Revenue Code §415(c)(1) as in effect for the plan year. In no event shall the annual additions to any member's annuity account exceed the limitations set forth in this subsection. The annual addition for a plan year which is the limitation year for the purpose of U. S. Internal Revenue Code §415, under this and any other defined contribution type plans maintained by the State or the employer is the sum of the following: 5.4.1. Employer contributions;5.4.2. Forfeitures (if applicable); and5.4.3. Member contributions.5.5. Designation of beneficiary. Each member may designate from time to time in writing one or more beneficiaries, who will receive the member's vested account balance in the event of the member's death. If the member dies without having made a beneficiary designation, the Board shall distribute the benefits to the member's estate.